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PEER COMPANIES

NEW DELHI: Equity markets traded on a weak note on Wednesday amid fears of a recession in the United States ahead of August F&O expiry. In the commodity mart, oil is likely to edge higher while gold may remain sideways. Here is a quick run-through of the projections on various commodities by brokerage SMC Global Securities:

Bullion: Gold prices held steady on Wednesday, trading close to a more than six-year high on fears of an economic slowdown amid a protracted Sino-US trade conflict, boosting appetite for the safe-haven metal.

Bullion counter is likely to remain sideways. Gold may take support near Rs 38,400 while it faces resistance near Rs 39,150. But silver can rise towards Rs 46,000 while taking support near Rs 45,600.

Base Metals:Base metals may trade sideways. Copper (Sep) is likely to witness some bounce back at lower levels testing Rs 445 while taking support near Rs 440. Zinc can increase towards Rs 186 with supports seen near Rs 180. Lead may increase towards Rs 158 and may find support near Rs 153. Nickel may trade sideways facing resistance near Rs 1,125 while taking support near Rs 1,110. Aluminum may test Rs 137 while facing resistance near Rs 140.

Energy: Crude oil may trade with a positive bias as oil prices rose on Wednesday, with US crude gaining 1 per cent after an inventory report showed US stockpiles fell more than expected, helping ease worries about economic growth from the Sino-US trade war.

Spices:Turmeric futures (Sept) may take support near Rs 6,700 & remain stable. Jeera futures (Sept) are expected to rise and test the Rs 17,120 level due to steady demand from overseas buyers. Dhaniya futures (Sept) are expected to consolidate in the range of Rs 5,850-5,960. Cardamom futures (Sept) may fall further towards Rs 2,800 because of new crop arrivals in Kerala as the first and second round of picking is going on.

Oilseeds: Soybean futures (Sept) may trade higher to test the range of Rs 3,200-3,850 due to concerns about the crop in parts of Maharashtra. Soy oil futures (Sept) may witness correction towards the Rs 755-751 levels. While CPO futures (Sept) may consolidate in the range of Rs 562-566. Mustard futures (Sept) are expected to witness correction towards Rs 3,905.

Other Commodities: Cotton futures (Aug) may witness a halt to its bull run as it faces resistance near Rs 21,350. Chana futures (Sept) are expected to witness short covering & rise towards the Rs 4,050-4,070 levels, taking support near Rs 4,000. Castor seed futures (Sept) are expected to face resistance near Rs 5,800.